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China Shares Open Lower on Hawkish US Fed Signals

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Chinese shares opened lower on Thursday amid hawkish signals from the U.S. Federal Reserve.

The Shanghai Composite Index, the main gauge of Chinese stocks, opened 0.4% lower to 3,812.11. The Shenzhen Component Index slid 0.9% to 13,531.07.

While the Federal Reserve maintained the target range for the federal funds rate at 3.5% to 3.75% for the fifth consecutive time, the presidents of the Cleveland, Minneapolis and Dallas regional Fed banks advocated for a 25-basis-point rate hike, marking the first time in 10 years that three Fed presidents opposed the move and signaling a more hawkish tilt than expected.

This highlights the growing division within the Fed amid high oil prices and renewed inflationary pressures, according to Yuanta Securities Hong Kong.

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